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Tuesday, 09 December 14
PRESSURE ON CHINA COAL MINERS TO CONTINUE DESPITE GOVERNMENT SUPPORT - FITCH
 COALspot.com: Fitch Ratings says that Chinese coal mining companies will continue to be pressured by low prices, which will persist despite recent government measures that have helped to arrest the downward trend. These measures, however, are not enough to meaningfully improve prices over the short term. Cost control and leverage reduction will be important strategies for companies to maintain stable credit quality.
Fitch Ratings further said, 2014 has been a difficult year for coal mining companies in China, with coal prices sliding by about 20% in the first 10 months of the year. Prices have been hurt by overcapacity in the industry, which has persisted since 2012. There was also lower demand for thermal coal stemming from one-off factors such as higher-than-average rainfall that boosted hydropower generation.
The government introduced measures to support the industry, including imposing import duties ranging from 3% to 6% for thermal and coking coal from mid-October 2014. This led to a 27% fall in coal import volume in November 2014 compared with a year ago. In addition, the government banned the domestic production as well as import of low-quality coal.
Together with a seasonal upswing in coal consumption, coal prices in China have stabilised recently. The Qinhuangdao 5500 kcal/kg free on board (FOB) coal price has risen by about 6% since the beginning of November 2014. Nonetheless, Fitch believes a meaningful upswing in coal prices is unlikely in the next 12 months. Substantial capacity investments in previous boom years are still being digested, while demand has been weakened due to industrial deceleration. In addition, the government aims to increase the production of renewable energy at the expense of the share of coal-fired power over the longer term, which means that the thermal coal consumption growth rate is set to decline.
While 2014 coal prices are comparable with 2009 levels, production costs are in general about 25%-30% higher than in 2009, driven by increases in staff expenses as well as governmental fees, such as land conversion fees and environmental protection fees. To combat lower prices, many Chinese coal producers have cut costs significantly. Yanzhou Coal Mining Company Limited has reduced its domestic mining cost per ton by 30% during the first three quarters of 2014 from a year earlier, thereby maintaining steady gross profits on a per ton basis. Fitch believes a continuation of similar efforts will be needed for coal companies to preserve cash flow.
When coal prices increased between 2009 and 2012, many coal producers undertook debt-funded capex and investments. With the reversal in coal prices, their leverage has climbed higher than they expected because the expected cash flow for debt reduction failed to materialise. Efforts to improve debt leverage amid continuing low prices will be crucial for companies to maintain stable credit profiles.
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Wednesday, 15 October 14
NEWCASTLE SHIPPED 13.96 MILLION TONS OF COAL IN SEPTEMBER; UP 5.72%
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1,227.7 wor ...
Tuesday, 14 October 14
KING COAL UNDER ATTACK? - EVA TZIMA
With the last quarter of the year being well underway and with no strong signs that the Dry Bulk market could be ready for a big positive reversal, ...
Tuesday, 14 October 14
THE NEW CHINESE TRANSPORTATION TAX LAW: WHAT DOES IT MEAN FOR GREEK SHIPPING? - DELOITTE
China has recently promulgated a new law which imposes tax on profits from freights of inbound routes. The objective of the new tax law titled &ldq ...
Monday, 13 October 14
CHINESE COAL IMPORT TARIFFS YET ANOTHER BLOW TO AUSTRALIAN COAL EXPORTS - TIM BUCKLEY
COALspot.com: China’s unexpected move to reintroduce thermal coal import tariffs of 6% will have a materially negative impact on the viabilit ...
Monday, 13 October 14
NEWCASTLE COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT US$ 54.92, SGX DATA SHOWS
COALspot.com: API 5 FOB Newcastle Coal swap for delivery Q4' 2014 decreased US$ 0.80 (-1.46%) month over month and US$ 0.52 (-0.95%) week over ...
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- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Videocon Industries ltd - India
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
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